New Zealand’s Tab NZ fell short of both revenue and turnover budgets in June as a result of ongoing “softening economic conditions” in the country as consumers continued to adjust to the rising cost of living.
Wagering turnover for the month reached NZ$197.3m (£102.0m/€121.5m/US$124.2m), which was 3.9% or $8.1m below budget.
Net profit amounted to $11.0m, some $1.7m below a budget of $12.7m, with betting profit $1.5m under budget at $9.3m and gaming profit also $200,000 off budget at $1.7m.
However, Tab NZ did note that operating expenses for the month were $200,000 below an initial budget of $10.0m, amounting to $9.6m, while code distributions and other payments were $100,000 above budget at $13.2m.
Analysing its monthly performance, Tab NZ said the primary reason for it missing budgets was due to consumers not spending as much as initially anticipated amid the rising cost of living in New Zealand.
Retail and hospitality was able to operate without capacity restrictions despite t..